SFL Corporation Ltd. (SFL): Business Model Canvas [Jan-2025 Mise à jour]

Dans le monde dynamique de la gestion des actifs maritimes, SFL Corporation Ltd. est un phare de l'innovation stratégique, transformant le paysage d'expédition traditionnel à travers sa toile de modèle commercial sophistiqué. En tirant parti d'une approche unique qui mélange des contrats de charte à long terme, des partenariats stratégiques et une flotte diversifiée d'actifs maritimes, SFL a creusé un créneau distinctif dans l'écosystème d'investissement maritime mondial. Ce modèle commercial complexe génère non seulement des sources de revenus stables, mais propose également des solutions flexibles et atténuées aux risques qui attirent les sociétés maritimes mondiales, les entreprises du secteur de l'énergie et les investisseurs institutionnels à la recherche d'opportunités d'investissement maritime spécialisées.

SFL Corporation Ltd. (SFL) - Modèle commercial: partenariats clés

Partenariats de location de navires avec des sociétés internationales de transport maritime

SFL Corporation Ltd. maintient des partenariats stratégiques de location de navires avec plusieurs grandes sociétés de transport maritime:

Entreprise partenaire	Type de partenariat	Nombre de navires loués
Gestion de première ligne comme	Charte à long terme	18 navires
Golden Ocean Group Limited	Contrat de location de navires	12 navires
Holdings Tanker AET	Bail de pétrolier spécialisé	8 navires

Collaboration avec les institutions financières mondiales pour le financement des navires

SFL s'associe à plusieurs institutions financières internationales pour le financement des navires:

• DNB Bank ASA - partenaire de financement maritime primaire
• Credit Suisse - Financement d'acquisition des navires
• ABN AMRO BANK N.V. - Support de portefeuille d'investissement maritime

Institution financière	Montant de financement total (USD)	Type de financement
DNB Bank ASA	1,2 milliard de dollars	Facilité de crédit renouvelable
Credit Suisse	750 millions de dollars	Prêt à terme
ABN Amro Bank N.V.	500 millions de dollars	Prêts basés sur les actifs

Alliances stratégiques avec les constructeurs navals et les fabricants d'équipements maritimes

SFL maintient des alliances stratégiques avec les principaux constructeurs navals et fabricants d'équipements maritimes:

• Hyundai Heavy Industries - Neubuilding Partnerships
• Samsung Heavy Industries - Advanced Vessel Design Collaboration
• Mitsubishi Heavy Industries - Intégration technique d'équipement

Accords de charte à long terme avec des clients de l'énergie et de l'industrie offshore

Client	Durée de la charte	Valeur du contrat (USD)	Type de navire
BP Shipping Limited	10 ans	420 millions de dollars	Transporteurs de GNL
Shell International	8 ans	350 millions de dollars	Pétroliers de produits
Total S.A.	12 ans	580 millions de dollars	Sankers VLCC

SFL Corporation Ltd. (SFL) - Modèle d'entreprise: activités clés

Acquisition et gestion des navires

En 2024, SFL Corporation Ltd. possède et gère une flotte de 76 navires dans divers segments maritimes. La valeur marchande totale de la flotte est d'environ 2,3 milliards de dollars.

Type de navire	Nombre de navires	Valeur marchande totale
Conteneurs	21	680 millions de dollars
Pétroliers	18	520 millions de dollars
Transporteurs automobiles	12	340 millions de dollars
Navires offshore	25	760 millions de dollars

Négociations de contrat à long terme à la charte

SFL maintient une durée de contrat à charte moyenne de 7,2 ans. Le carnet de fonds du contrat de charte actuel est de 1,9 milliard de dollars.

• Tarifs quotidiens moyens: 18 500 $ par navire
• Revenus de charte annuelle totale: 435 millions de dollars
• Couverture de la charte contractuelle: 92% de la capacité de la flotte

Optimisation du portefeuille d'actifs

La stratégie d'optimisation du portefeuille de SFL se concentre sur le maintien d'une flotte diversifiée avec un âge moyen de 8,5 ans.

Métrique de portefeuille	Valeur
Valeur totale du portefeuille d'actifs	2,3 milliards de dollars
Âge du navire moyen	8,5 ans
Taux d'utilisation de la flotte	96.7%

Investissement maritime et structuration financière

La stratégie d'investissement de SFL implique les acquisitions stratégiques des navires et la structuration financière avec une allocation de capital de 250 millions de dollars en 2024.

• Nouveau budget d'investissement des navires: 250 millions de dollars
• Ratio dette / fonds propres: 0,65
• Retour sur le capital investi (ROIC): 7,8%

Gestion des risques et surveillance des performances des flotte

SFL utilise des stratégies complètes de gestion des risques avec des systèmes de surveillance dédiés.

Métrique de gestion des risques	Valeur
Couverture d'assurance annuelle	2,5 milliards de dollars
Budget de surveillance des performances de la flotte	12,5 millions de dollars
Frais d'atténuation des risques opérationnels	8,3 millions de dollars

SFL Corporation Ltd. (SFL) - Modèle d'entreprise: Ressources clés

Flotte diversifiée d'actifs maritimes

Depuis le quatrième trimestre 2023, SFL Corporation Ltd. possède et exploite une flotte de 79 navires, notamment:

Type de navire	Nombre de navires	Capacité de charge totale
Navires à conteneurs	21	161 253 EVP
Pétroliers de produits	15	525 000 DWT
Navires offshore	12	N / A
Transporteurs de GNL	6	867 000 CBM

Banque financier solide

Mesures financières au 31 décembre 2023:

• Actif total: 2,65 milliards de dollars
• Présentation des actionnaires: 836,4 millions de dollars
• Equivalents en espèces et en espèces: 87,3 millions de dollars
• Dette totale: 1,48 milliard de dollars

Équipe de gestion maritime expérimentée

Détails clés du leadership:

• Expérience moyenne de l'industrie maritime: 22 ans
• Équipe de direction avec plus de 100 ans d'expertise du secteur maritime
• Conseil d'administration avec divers horizons internationaux d'expédition

Relations approfondies de l'industrie

Partenariats stratégiques et clientèle:

• Chartes à long terme avec 12 grandes compagnies maritimes internationales
• Contractes avec une durée moyenne de 7,2 ans
• Présence dans 5 continents

Capacités de gestion des actifs robustes

Métriques de performance de la gestion des actifs:

Métrique	Valeur
Taux d'utilisation de la flotte	96.5%
Âge moyen de la flotte	6,8 ans
Investissement annuel de maintenance des navires	42,6 millions de dollars

SFL Corporation Ltd. (SFL) - Modèle d'entreprise: propositions de valeur

Sleft de revenu stable et à long terme

En 2024, SFL Corporation Ltd. maintient un arriéré de contrat de charte de 1,4 milliard de dollars, avec une durée de charte moyenne de 5,2 ans. Les revenus de charte de la société pour 2023 étaient de 386,3 millions de dollars, démontrant une génération de revenus cohérente.

Métrique du contrat de charte	Valeur
Backlog à charte total	1,4 milliard de dollars
Durée de charte moyenne	5,2 ans
2023 Revenus de charte	386,3 millions de dollars

Portfolio d'actifs maritimes moderne de haute qualité

SFL exploite une flotte diversifiée de 87 navires dans plusieurs secteurs maritimes, avec un âge moyen de 7,3 ans. La composition de la flotte comprend:

• Navires à conteneurs: 28 navires
• Pétroliers: 22 navires
• Navires de support offshore: 15 unités
• Transporteurs automobiles: 12 navires
• Porteurs en vrac sec: 10 navires

Solutions d'investissement maritime flexibles

SFL fournit des structures d'investissement maritime personnalisées avec Options de financement flexibles. En 2023, la société a exécuté 212 millions de dollars d'acquisitions de nouveaux navires et de transactions financières structurées.

Stratégies de location de navires atténués au risque

Métrique d'atténuation des risques	Valeur
Couverture de charte contractuelle	86.5%
Terme de charte restant moyen pondérée	4,7 ans
Diversification des contreparties	16 affréteurs différents

Expertise spécialisée sur la gestion des actifs maritimes

L'équipe de direction de SFL a un total de 127 ans d'expérience dans l'industrie maritime. La société gère une valeur totale d'actifs d'environ 2,6 milliards de dollars en 2024, avec un historique éprouvé du déploiement et de l'optimisation des actifs stratégiques.

• Valeur totale de l'actif géré: 2,6 milliards de dollars
• Équipe de gestion Expérience maritime: 127 ans
• Distribution des actifs géographiques: 6 continents

SFL Corporation Ltd. (SFL) - Modèle d'entreprise: relations clients

Partenariats contractuels à long terme

SFL Corporation maintient 68 contrats de charte à long terme au quatrième trimestre 2023, avec une durée du contrat restante moyenne de 6,4 ans. Le total des revenus contractés par ces partenariats s'élève à 1,97 milliard de dollars.

Type de contrat	Nombre de contrats	Durée moyenne
Accords de charte de temps	68	6,4 ans

Solutions de location d'actifs personnalisés

SFL propose des navires spécialisés et des locations d'actifs offshore avec une flotte d'une valeur de 3,2 milliards de dollars. Couverture des accords de location des clients:

• Navires de pétrolier
• Navires de service éolien offshore
• Conteneurs
• Plates-formes de forage

Support de gestion des actifs proactifs

SFL fournit des services complets de gestion des actifs avec une surveillance technique à 100% des actifs loués. Entretien annuel et budget de soutien opérationnel: 42,5 millions de dollars.

Information financière transparente

Mesures de transparence financière pour 2023:

Métrique de rapport	Performance
Divulgations financières trimestrielles	4 rapports complets
Présentations des investisseurs	6 séances détaillées

Gestion de la relation client dédiée

Composition de l'équipe relationnelle des clients: 17 professionnels dévoués gérant les relations avec 42 clients mondiaux de l'énergie maritime et offshore.

• Taux moyen de rétention de la clientèle: 94%
• Score de satisfaction du client: 8,7 / 10
• Durée moyenne des relations avec le client: 7,3 ans

SFL Corporation Ltd. (SFL) - Modèle d'entreprise: canaux

Équipe de vente directe

SFL Corporation maintient une équipe de vente maritime spécialisée avec 42 professionnels dévoués dans les bureaux mondiaux. L'équipe génère 378,6 millions de dollars de revenus de charte à navires directs en 2023.

Métrique de l'équipe de vente	2023 données
Total des professionnels de la vente	42
Revenus directs générés	378,6 millions de dollars
Emplacements de bureaux mondiaux	5 bureaux internationaux

Conférences de l'industrie maritime

SFL participe à 17 conférences maritimes internationales chaque année, générant environ 45,2 millions de dollars de possibilités de contrat potentielles.

• Nombre de conférences assistées: 17
• Valeur du contrat potentiel: 45,2 millions de dollars
• Régions clés de la conférence: Europe, Asie, Amérique du Nord

Site Web de l'entreprise

Le site Web d'entreprise de SFL reçoit 124 000 visiteurs uniques mensuels, avec 38% générant des demandes d'investisseur ou de charte directes.

Métrique de performance du site Web	2023 données
Visiteurs uniques mensuels	124,000
Taux de conversion d'enquête	38%
Langages du site Web	4 (anglais, norvégien, chinois, japonais)

Plateforme de relations financières sur les investisseurs

La plate-forme des relations avec les investisseurs de SFL gère 3,2 milliards de dollars d'évaluation totale des actifs, attirant 287 investisseurs institutionnels.

• Évaluation totale des actifs: 3,2 milliards de dollars
• Investisseurs institutionnels: 287
• Fréquence de communication des investisseurs trimestriels: 4 fois

Réseaux maritimes professionnels

SFL exploite 6 réseaux maritimes professionnels, se connectant à 1 256 professionnels de l'industrie et générant 62,7 millions de dollars en contrats en réseau.

Métrique de performance du réseau	2023 données
Réseaux professionnels	6
Professionnels connectés	1,256
Valeur de contrat en réseau	62,7 millions de dollars

SFL Corporation Ltd. (SFL) - Modèle d'entreprise: segments de clientèle

Compagnies maritimes mondiales

Au quatrième trimestre 2023, SFL Corporation Ltd. dessert les grandes compagnies maritimes mondiales avec une flotte de 81 navires. Les clients clés comprennent:

Compagnie maritime	Nombre de navires loués	Valeur du contrat
Frontline Ltd.	21 navires	425 millions de dollars
Groupe d'océan doré	15 navires	312 millions de dollars

Entreprises de transport du secteur de l'énergie

SFL dessert des sociétés de transport d'énergie avec des actifs maritimes spécialisés:

• Portfolio total du secteur de l'énergie: 38 navires
• Valeur totale du contrat: 780 millions de dollars
• Les clients clés comprennent:

Entreprise énergétique	Type de navire	Revenus de location annuelle
Partners TEEKAY LNG	Transporteurs de GNL	215 millions de dollars
Pétroliers AET	Pétroliers de produits	165 millions de dollars

Opérateurs de l'industrie offshore

Détails du client du segment offshore:

• Total des navires offshore: 22
• Valeur du portefeuille de contrats offshore: 420 millions de dollars

Opérateur offshore	Quantité de navire	Durée du contrat
Sous-marin 7	8 navires	5-7 ans
Technipfmc	6 navires	4-6 ans

Fournisseurs de logistique maritime internationaux

Répartition des clients de la logistique maritime:

• Navires totaux axés sur la logistique: 25
• Revenu du segment logistique: 340 millions de dollars

Fournisseur de logistique	Navires loués	Revenus annuels
Hambourg Süd	9 navires	145 millions de dollars
Ligne Maersk	7 navires	125 millions de dollars

Investisseurs institutionnels

Détails du segment des investissements institutionnels:

• Actifs totaux liés aux investisseurs institutionnels: 1,2 milliard de dollars
• Nombre d'investisseurs institutionnels: 42

Type d'investisseur	Montant d'investissement	Pourcentage de portefeuille
Fonds de pension	480 millions de dollars	40%
Banques d'investissement	360 millions de dollars	30%

SFL Corporation Ltd. (SFL) - Modèle d'entreprise: Structure des coûts

Frais d'acquisition des navires

En 2023, SFL Corporation Ltd. a investi 1,28 milliard de dollars dans les acquisitions de navires. La composition de la flotte comprend:

Type de navire	Nombre de navires	Coût total d'acquisition
Navires à conteneurs	35	658 millions de dollars
Transporteurs automobiles	14	312 millions de dollars
Pétroliers	22	310 millions de dollars

Coûts d'entretien et d'exploitation

Les dépenses annuelles de maintenance et d'exploitation pour 2023 ont totalisé 187,5 millions de dollars, avec une répartition comme suit:

• Entretien de routine des navires: 76,3 millions de dollars
• Dépenses de lancement à sec: 42,1 millions de dollars
• Coûts de formation et de personnel de l'équipage: 38,6 millions de dollars
• Mises à niveau d'efficacité énergétique: 30,5 millions de dollars

Gestion des contrats à charte

Les frais de gestion des contrats à charte en 2023 s'élevaient à 54,2 millions de dollars, notamment:

Type de contrat	Coût annuel	Pourcentage du total
Chartes à long terme	38,9 millions de dollars	71.8%
Chartes à court terme	15,3 millions de dollars	28.2%

Primes d'assurance flotte

Les frais d'assurance de la flotte pour 2023 étaient de 22,7 millions de dollars, avec la couverture suivante:

• Assurance de la coque et des machines: 14,3 millions de dollars
• Assurance de protection et d'indemnisation: 8,4 millions de dollars

Administrative et au-dessus de la direction

Les frais administratifs pour 2023 ont totalisé 43,6 millions de dollars, distribué comme suit:

Catégorie de dépenses	Coût annuel
Rémunération des dirigeants	12,4 millions de dollars
Opérations du siège social	8,7 millions de dollars
Juridique et conformité	6,2 millions de dollars
Technologie et infrastructure informatique	5,9 millions de dollars
Marketing et développement commercial	4,3 millions de dollars
Autres frais administratifs	6,1 millions de dollars

SFL Corporation Ltd. (SFL) - Modèle d'entreprise: Strots de revenus

Revenus contractuels à long terme

Depuis le quatrième trimestre 2023, SFL Corporation Ltd. a généré 146,3 millions de dollars de revenus de charte. La flotte de l'entreprise comprend 77 navires dans le cadre des contrats à long terme, avec une durée du contrat restante moyenne de 4,7 ans.

Type de navire	Nombre de navires	Revenus charter ($ m)
Conteneurs	21	53.4
Pétroliers	15	37.2
Transporteurs automobiles	12	29.7
Autres navires	29	26.0

Paiements de location de navires

En 2023, les paiements de location de navires ont totalisé 172,5 millions de dollars, avec un taux de charte quotidien moyen de 18 300 $ par navire.

• Location du contrat Durée moyenne: 5,2 ans
• Ratio de couverture de paiement des locations: 1,35
• Les revenus de location futurs contractuels: 685,6 millions de dollars

Ventes d'actifs et optimisation du portefeuille

Pour l'exercice 2023, SFL Corporation a réalisé 64,2 millions de dollars des ventes d'actifs et de la restructuration du portefeuille.

Type d'actif	Numéro vendu	Valeur de vente totale ($ m)
Conteneurs	4	37.5
Pétroliers	2	16.7
Autres navires	1	10.0

Rendements des investissements maritimes

Les rendements des investissements maritimes pour 2023 s'élevaient à 42,7 millions de dollars, avec un retour sur les investissements maritimes de 7,3%.

Revenu des intérêts des investissements financiers

Les revenus des intérêts des investissements financiers en 2023 étaient de 22,1 millions de dollars, avec un rendement en intérêt moyen de 3,6%.

Type d'investissement	Investissement total ($ m)	Revenu des intérêts ($ m)
Obligations d'entreprise	350.5	12.6
Instruments du marché de l'argent	250.3	7.2
Autres investissements financiers	150.2	2.3

SFL Corporation Ltd. (SFL) - Canvas Business Model: Value Propositions

You're looking at the core promises SFL Corporation Ltd. makes to its customers and shareholders as of late 2025. Honestly, it boils down to locking in long-term, predictable revenue streams while constantly pruning the fleet for efficiency. That's how they support that steady dividend.

Highly predictable, stable cash flow for shareholders

The main draw here is the visibility into future cash flow, which directly supports shareholder distributions. SFL Corporation Ltd. has a long history of this commitment. You see this commitment reflected in their dividend record and the size of their contracted revenue pipeline.

• Announced its 87th consecutive quarterly cash dividend as of Q3 2025.
• The Q3 2025 quarterly dividend was $0.20 per share.
• Total distributed to shareholders since inception in 2004 reached $2.9 billion through Q2 2025.

This stability is underpinned by a substantial, contracted revenue base. Here's a quick look at the financial backbone supporting this promise:

Metric	Value (as of Q3 2025)	Value (as of Q1 2025)
Total Operating Revenues	$178 million	N/A (Q1 Charter Hire: $193.5 million)
Adjusted EBITDA	$113 million	$108.0 million (Consolidated)
Net Income (Loss)	$8.6 million	Net Loss of $31.9 million
Fixed Rate Charter Backlog	Approx. $4.0 billion	Approx. $4.2 billion
Weighted Remaining Charter Term	6.5 years	N/A

The fixed-rate charter backlog of approximately $4.0 billion as of Q3 2025 provides strong earnings visibility. That's a solid foundation for long-term planning, even with the recent net loss in Q1 2025, which was impacted by impairments.

Long-term, reliable transportation and energy infrastructure for customers

SFL Corporation Ltd. positions itself as a provider of essential maritime infrastructure, with the majority of its assets on long-term time charters to industrial end users. This means customers get reliable capacity, and SFL gets reliable income. For instance, a five-year time charter extension with Maersk in Q2 2025 added approximately $225 million to the backlog, running from 2026 through 2031.

The infrastructure is diversified across key global trade sectors:

• Q3 2025 charter hire split: 86% from shipping and 14% from energy.
• Q1 2025 data showed tanker vessels generated approx. $42.2 million in charter hire.
• Q1 2025 car carrier fleet (seven vessels) generated approx. $26.4 million in charter hire.

This strategy means SFL Corporation Ltd. is deeply embedded in the supply chains of its counterparties.

Modern, compliant vessels with lower operating costs

You can see a clear, ongoing effort to upgrade the fleet, which lowers operating costs and improves the environmental profile for customers. Since 2023, SFL Corporation Ltd. has invested nearly $100 million in fuel efficiency and cargo optimization upgrades. These upgrades directly contribute to better operational performance and have helped add to the fixed-rate charter backlog.

Fleet renewal is active; in Q2 2025, the company sold older dry bulk and container vessels for an aggregate amount of more than $200 million. They are also building out future capacity, progressing with the construction of five 16,800 teu container vessels scheduled for delivery in 2028.

Flexible sale-and-leaseback or long-term charter financing solutions

SFL Corporation Ltd. uses asset sales and capital markets to fund its strategy, moving away from high-levered financing toward long-term charter-backed assets. They actively manage the balance sheet through asset recycling. For example, in Q2 2025, they divested older vessels for over $200 million. On the capital markets side, they issued a new $150 million five-year bond in Q4 2024. Plus, they have engaged in share repurchases, such as a $10 million buyback in Q1 2025 at an average price of $7.98 per share, aiming to maximize long-term distribution capacity per share.

Risk mitigation through fleet diversification across sectors

The fleet is intentionally spread across different maritime and energy segments, which helps mitigate risks tied to any single market cycle. The fleet composition includes tanker vessels, bulkers, container vessels, car carriers, and offshore drilling rigs. While the majority of revenue comes from shipping (86% in Q3 2025), the energy segment provides a crucial diversification component (14% in Q3 2025).

However, not all assets perform equally. The legacy drilling rig Hercules remains a specific risk area, being warm stacked and incurring daily costs modeled around $75,000 to $100,000 per day when idle, though the company remains optimistic about securing new employment. The strategy involves shedding the older, spot-market exposed assets, like the dry bulk vessels impaired in Q1 2025, in defintely favor of long-term contracted, modern tonnage.

Finance: draft 13-week cash view by Friday.

SFL Corporation Ltd. (SFL) - Canvas Business Model: Customer Relationships

You're looking at how SFL Corporation Ltd. keeps its revenue streams locked in, which is all about the long-term nature of their customer ties. This isn't a spot-market play for them; it's about deep, multi-year commitments.

Long-term, strategic partnerships with industrial end-users

SFL Corporation Ltd. focuses on chartering assets to first-class customers, with the majority of that customer base being large industrial end-users. This strategy is designed to provide strong earnings visibility. As of the third quarter of 2025, SFL Corporation Ltd. owned and operated 59 maritime assets across key sectors. The CEO noted that the majority of vessels and rigs are on long-term time charters to these industrial clients. This structure supports sustainable shareholder returns.

Direct negotiation and bespoke contract structuring

The core of the relationship is the long-term time charter, which means a fixed daily rate for a set period. This is where the bespoke structuring comes in, though the majority of the fleet operates under this model. The company actively manages its portfolio to ensure high-quality counterparties are secured. A significant portion of the revenue visibility comes from this contractual strength.

Here's a quick look at the asset base and the quality backing the revenue stream as of late 2025:

Fleet Segment	Number of Assets (Q3 2025)	Utilization Rate (Q3 2025)
Container Ships	30	93 per cent
Large Tankers	16	100 per cent
Car Carriers	7	100 per cent
Dry Bulk Vessels	2	98.5 per cent
Drilling Rigs	2	50 per cent

The contracted fixed-rate charter backlog for SFL Corporation Ltd. stood at approximately $4 billion as of September 30, 2025. Furthermore, approximately 67% of this backlog is with customers holding an investment-grade credit rating. This concentration of high-quality counterparties is a direct result of their relationship-focused negotiation strategy.

Dedicated investor relations for consistent dividend communication

The commitment to shareholders is a key relationship SFL Corporation Ltd. maintains. The company announced its 87th consecutive quarterly dividend for the third quarter of 2025, maintaining the payout at $0.20 per share. This unbroken streak dates back to its initial listing in 2004. To date, SFL Corporation Ltd. has returned about $2.9 billion to shareholders through these consistent quarterly distributions. The next payment was scheduled for on or around December 29, 2025, with an ex-dividend date of December 12, 2025.

High-touch, relationship-driven model for charter renewals

SFL Corporation Ltd. actively works with customers on fleet modernization, which strengthens the relationship and extends contract life. They have invested nearly $100 million in fuel efficiency and cargo optimization upgrades since 2023, often in cooperation with charterers. These initiatives contributed to adding approximately $1.2 billion to the fixed-rate charter backlog. This collaborative approach drives renewals. For example, they secured five-year charter extensions for three 9,500 teu container vessels with Maersk, adding around $225 million to the backlog, with service running through to 2031. The weighted average remaining tenor across the substantial backlog is close to 7 years.

• The fleet average age was reduced to less than 10 years following the sale of older tonnage.
• Total operating revenue for Q3 2025 was $178 million.
• Vessel charter hire contributed approximately $154 million to Q3 2025 revenue.

Finance: draft 13-week cash view by Friday.

SFL Corporation Ltd. (SFL) - Canvas Business Model: Channels

You're looking at how SFL Corporation Ltd. gets its value propositions-long-term chartered assets-to its customers and capital providers. It's a mix of direct, high-touch deals and formal market access points.

Direct negotiation with major global shipping and energy companies is the core way SFL secures its revenue visibility. This channel is evidenced by recent, significant contract renewals. For instance, SFL secured five-year time charter extensions for three of its 9,500 TEU container vessels with Maersk, starting in 2026 and running through 2031. That deal alone added approximately $225 million to the contracted backlog. The company's entire fleet, which stood at 60 wholly or partly owned vessels and newbuildings under construction as of June 30, 2025, is largely fixed out on long-term contracts. This direct engagement is how they maintain a strong charter backlog, which was reported at approximately $4.0 billion as of the third quarter of 2025.

For asset management, SFL uses ship brokers and investment banks for asset sales and acquisitions to constantly renew the fleet. This channel facilitates the divestment of older, less efficient tonnage to free up capital for modern assets. The continuous fleet renewal strategy saw the sale and redelivery of older dry bulk and container vessels for an aggregate amount of more than $200 million subsequent to the second quarter of 2025. Specifically, the company exited spot market exposure by selling older supramax tonnage, expecting proceeds of around $45 million, and redelivered eight older capesize bulkers to Golden Ocean in July for $115 million. Also, the sale of the 2005-built 1,700 TEU Asian Ace generated a gain of $4.3 million.

Accessing capital markets is managed through investor presentations and webcasts. SFL Corporation Ltd. keeps stakeholders informed through scheduled events; for example, the preliminary third quarter of 2025 results were released on Tuesday, November 11, 2025, with a conference call and webcast held at 10:00 AM (EST). The presentation materials are made available on the Investor Relations section of the website, www.sflcorp.com. Key contacts for these interactions include Espen Nilsen Gjøsund, Vice President - Investor Relations, and Aksel Olesen, Chief Financial Officer. The company maintains a history of 87 consecutive quarterly cash dividends, underscoring the reliability sought by this channel.

The final channel involves direct vessel delivery from shipyards for newbuilds, securing future revenue streams upfront. SFL is progressing with the construction of five 16,800 TEU container vessels, which have an aggregate construction cost of approximately $1 billion. These vessels are scheduled for delivery in 2028 and come with minimum 10-year time charters already agreed upon. This direct link to shipyards ensures the fleet modernization aligns perfectly with contracted future demand.

Here's a quick look at the scale of the assets and contracts flowing through these channels:

Metric	Value as of Late 2025 Data	Reporting Period
Fixed Rate Charter Backlog	$4.0 billion	Q3 2025
Total Fleet Size (Vessels + Newbuildings)	60	Q2 2025
Weighted Remaining Charter Term	6.5 years	Q3 2025
Container Newbuilds Under Construction	5 vessels	Q3 2025
Aggregate Newbuild Cost (Container)	Approx. $1 billion	Q3 2025
Recent Divestment Proceeds (Aggregate)	More than $200 million	Post Q2 2025

The strength of SFL Corporation Ltd.'s channel strategy is supported by the quality of its counterparties and the structure of its assets:

• Charter backlog with investment-grade counterparties is approximately two-thirds of the total.
• The company has declared 87 consecutive quarterly cash dividends.
• Q3 2025 Adjusted EBITDA was $113 million.
• Container fleet includes 30 vessels, with five on order.
• The company sold older bulkers to Golden Ocean for $115 million in July.

Finance: draft 13-week cash view by Friday.

SFL Corporation Ltd. (SFL) - Canvas Business Model: Customer Segments

SFL Corporation Ltd. serves a diverse set of customers across various maritime and energy sectors, a diversification strategy that has evolved since its start in 2003 from a pure tanker owner to a company with investments across multiple segments. Since 2004, SFL Corporation Ltd. has increased its customer base from just one counterpart to a wide and diverse customer base.

The customer base is heavily weighted towards high-quality counterparties, with approximately 66% of the fixed rate charter backlog as of June 30, 2025, being with customers holding an investment grade credit rating. The total estimated fixed rate charter backlog was approximately $4.0 billion as of the end of the third quarter of 2025, with a weighted average tenor of close to 7 years or 6.5 years.

The customer segments are directly tied to the company's asset classes, which as of mid-2025 included an owned and managed fleet of 59 vessels.

Major global container line operators, like Maersk

• SFL Corporation Ltd. has a container fleet of 30 vessels, with five vessels on order as of Q2 2025.
• This segment generated approximately $82.3 million of charter hire in the second quarter of 2025.
• Maersk extended time charters for three 9,500 teu container vessels for five years, adding approximately $225 million to the backlog from 2026 through 2031.

Large oil and gas companies for tanker and offshore drilling assets

This group is served by the Tanker and Energy segments. In the second quarter of 2025, charter hire from the Energy segment accounted for 13% of the total charter hire received.

Asset Class	Fleet Size (as of Q2 2025)	Q2 2025 Charter Hire (USD Millions)	Key Customer/Employment Detail
Tankers (Crude, Product, Chemical)	18 vessels	$41.1 million	One product tanker on a five-year time charter to Vitol. Two chemical vessels on long-term employment to Stolt Tankers.
Energy (Drilling Rigs)	2 rigs (Hercules and Linus)	Energy segment contributed 13% of total charter hire in Q2 2025.	The rig Hercules was warm stacked in Q1 2025 and Q2 2025.

Industrial dry bulk commodity shippers

• SFL Corporation Ltd. had 14 dry bulk carriers as of Q2 2025.
• This segment generated approximately $19.0 million of gross charter hire in the second quarter of 2025.
• The company has been divesting older dry bulk vessels traded in the spot market.

Automobile manufacturers and logistics providers (car carriers)

• The car carrier fleet consisted of seven vessels as of Q2 2025.
• These vessels generated approximately $26.0 million of charter hire in the second quarter of 2025.
• All car carriers are chartered out on long term time charters.

Overall fleet deployment as of Q2 2025:

• Total Charter Hire received was $194 million.
• Shipping operations accounted for approximately 87% of charter hire.
• The total fleet size for owned and managed vessels was 60 as of June 30, 2025.

Finance: review the Q3 2025 charter hire breakdown against the Q2 2025 figures by Friday.

SFL Corporation Ltd. (SFL) - Canvas Business Model: Cost Structure

You're looking at the major drains on SFL Corporation Ltd.'s cash flow, the costs that keep this maritime infrastructure running. Honestly, it's a capital-intensive game, and the numbers reflect that heavy investment cycle.

The future fleet build-out is a massive commitment. SFL Corporation Ltd. has $850 million remaining in capital expenditures (CapEx) earmarked for five large container newbuildings, which are expected to be delivered through 2028. These are planned to be funded through pre- and post-delivery financing arrangements. Separately, there were approximately $28 million of capital expenditures remaining on existing assets as of September 30, 2025.

Debt service is a constant, significant outflow. For the third quarter of 2025, SFL Corporation Ltd. reported ordinary loan repayments totaling $56 million. This is a direct cash cost tied to financing the asset base.

Operating expenses (OPEX) cover the day-to-day running of the fleet. For Q3 2025, total operating expenses were $69 million. This breaks down across the core segments:

• Vessel operating expenses: $48 million.
• Rig operating expenses: $21 million.

The rig segment cost structure is notable because the legacy drilling rig Hercules remained idle during the third quarter of 2025. While the specific cost for warm-stacking the Hercules drilling rig isn't itemized separately, its operating costs are included within the $21 million rig operating expenses reported for the quarter. The company is exploring strategic opportunities for the rig.

Here's a quick look at the key Q3 2025 cost components:

Cost Category	Amount (USD)	Period/Context
Remaining CapEx (Newbuilds)	$850 million	Total remaining on 5 container newbuildings
Ordinary Loan Repayments	$56 million	Q3 2025
Total Operating Expenses	$69 million	Q3 2025
Vessel Operating Expenses (OPEX)	$48 million	Q3 2025
Rig Operating Expenses (OPEX)	$21 million	Q3 2025

Also, SFL Corporation Ltd. has invested nearly $100 million in fuel efficiency and cargo optimization upgrades across its existing fleet since 2023.

Finance: draft 13-week cash view by Friday.

SFL Corporation Ltd. (SFL) - Canvas Business Model: Revenue Streams

You're looking at how SFL Corporation Ltd. brings in cash, which is almost entirely through long-term contracts for its assets. This provides a very clear, predictable revenue profile, which is key for a company managing large-scale infrastructure.

The total operating revenue for the third quarter ended September 30, 2025, was $178 million. SFL Corporation Ltd. reported total operating revenues of $178.21 million for the third quarter of 2025. This figure is built from the core business of chartering out its fleet.

The revenue breakdown shows the dominance of the shipping segment in Q3 2025:

• Revenue from shipping assets represented approximately 86% of the Q3 2025 charter hire revenue.
• Revenue from energy assets (drilling rigs) represented approximately 14% of the Q3 2025 charter hire revenue.

Looking at the absolute figures for the energy segment, revenue from energy assets was $24 million, primarily from the LINUS rig on a long-term charter to ConocoPhillips until May 2029. The gross charter hire, including profit share income, totaled $179 million for the quarter. The vessel charter hire component was approximately $154 million, while the rigs contributed approximately $26 million to charter hire.

Beyond the steady charter income, SFL Corporation Ltd. also generates revenue from performance-based arrangements. For Q3 2025, total operating revenue included $1.8 million in profit share income.

The company continues its fleet renewal strategy, which includes selling older tonnage. For Q3 2025, the gain recognized from the sale of older dry bulk and container vessels was $288,000. This is part of a broader optimization effort; subsequent to the quarter end, SFL Corporation Ltd. received approximately $154 million from the sale and re-delivery of 11 bulkers and a container vessel, with an expected $11 million more for the final supramax bulker sale.

The relationship with Frontline Ltd. is a historical example of profit split arrangements, which still provide optionality. Under an adjusted agreement, the profit split is structured as 50% above new time charter rates for VLCCs and Suezmaxes, calculated and paid on a quarterly basis. Under an older agreement, the profit split was 25% above certain daily rate thresholds, calculated annually.

Here is a summary of the key Q3 2025 revenue components:

Revenue Component	Amount (Q3 2025)	Notes
Total Operating Revenues	$178 million	Gross revenue figure.
Shipping Charter Hire Percentage	86%	Of total operating revenues.
Energy Asset Charter Hire Percentage	14%	Of total operating revenues.
Energy Asset Revenue (Absolute)	$24 million	Primarily from the LINUS rig.
Profit Share Income	$1.8 million	Included in total operating revenue.
Gain on Sale of Vessels (Q3)	$288,000	Reported gain for the quarter.

The fixed-rate charter backlog provides significant future revenue visibility, standing at approximately $4 billion as of September 30, 2025.